Lender Credit Suisse will likely dominate a Swiss National Bank meeting and the Bank of England might place its inflation fight on hold
Here’s a look at the week ahead in markets from Rae Wee in Singapore, Lewis Krauskopf in New York and Dhara Ranasinghe, Amanda Cooper and Karin Strohecker in London.After its laser focus on trying to curb inflation, the Fed must juggle that with a banking crisis at its two-day meeting ending Wednesday.
February inflation data in line with expectations offered some relief, though the 6 per cent annual rise was still above the 2 per cent target.The dust had not settled from the collapse of SVB when a slump in shares and bonds at crisis-hit Credit Suisse intensified fears about a global banking crisis and rocked markets. The Swiss National Bank – much like the Fed – stepped in quickly to reassure investors, but febrile markets are wary of what lies ahead.
Inflation remains in double digits, but there are signs that some price pressures are easing. With warmer weather approaching, natural gas prices, which have dropped by 70 per cent in the last three months, are less of a worry. Labour market pressures – including wage inflation – are starting to soften.
In the coming days, Japan’s top companies will agree their largest pay increases in a quarter century as they conclude the closely-watched annual wage talks known as “shunto”. Whether smaller companies, which employ seven out of 10 of workers, can afford to follow their lead, remains to be seen.For those trading, investing in – and reporting on – financial markets, recent days felt like ‘Everything Everywhere All at Once’ – the title of the film that dominated the Oscars.
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